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New Venture Creation
Abstract
New Venture Creation: Entrepreneurship for the 21st Century, Canadian Edition, addresses the needs of upper-level entrepreneurship and new venture courses. Timmons provides strong, comprehensive theoretical coverage balanced with practical examples and cases, all designed to instruct students on how to formulate, plan for, finance, launch, manage, and eventually harvest a new venture. Timmons, Canadian Edition, is a rigorous, practical, and experiential text. The hands-on approach gets students thinking, planning, and ready to execute their own businesses. The text is practitioner-focused, features an especially rigorous section on financials, and focuses on high-growth, innovative ventures. Timmons covers the process of getting a new venture started, growing the venture, and successfully harvesting it. Through text, case studies, and hands-on exercises, this "how-to" text guides students in discovering the concepts of entrepreneurship and the competencies, skills, tools, and experience that will equip them to recognize entrepreneurial opportunities. Acknowledging that there is no substitute for actually starting a company, the Timmons authors believe it is possible to expose students to many of the vital issues and immerse them in key learning experiences that result in successful new venture creation.
... Entrepreneurs are regarded as inherently creative and innovative (Schumpeter;1934). Consistent results show that a preference for innovation differentiates entrepreneurs from managers (Carland and Carland, 1991;Stewart et al., 1999;Timmons, 1990). Managers tend to be more adaptive (Buttner and Gryskiewitz, 1993) and to be rewarded for their competence and efficiency (Schein, 1985) rather than for innovation and creative destruction (Schumpeter, 1934). ...
Hometown Tax Donation is designed to bolster regional economies by returning local products as an appreciation gift from municipal office to the tax donor, and can play a unique role in SME policy which is not reliant on subsidies, but instead, offers business an incentive to develop attractive products and yields better results when businesses and municipalities collaborate closely. To obtain an implication on SME policy, we surveyed certain gift providers on their efforts in new product development and advancement in business capabilities. The results showed that the gift market is showing the seeds for development of new products and businesses in rural areas, and is also boosting business capabilities in many cases. It implies effectiveness of step market for regional firms to develop business capabilities. Meanwhile, certain companies have earned large revenues from gifts or are overdependent on gifts. It is therefore necessary to make regional firms not too dependent on step market eyeing on their exit strategy.
Entrepreneurship is considered one of the key factors in facilitating a company's pursuit of sustainable development. The findings of this study can help firms improve their entrepreneurial capacity and highlight its significance for sustainable development; therefore, the levels of en-trepreneurship serve as indicators of the potentials of enterprises to achieve sustainable development goals. The existing literature has explored whether there are differences in the approaches between family and non-family firms as well as in their levels of entrepreneurship. Contributing to this ongoing debate, this article aims to compare the levels of entrepreneurship between these two types of companies in a selected small and medium-sized enterprise (SME) sector. The analysis encompasses eight dimensions of entrepreneurship: risk-taking, innovativeness, proactiveness, inter-organizational cooperation, competitiveness, diversification, flexibility, and digitalization. This study was conducted on a sample of 145 small printing companies that operated in Poland in 2023. The results of the statistical analysis revealed that family firms exhibited a higher level of entrepreneurship when treated as a multidimensional construct. Moreover, family firms outperformed non-family firms across all of the analyzed dimensions, with statistically significant differences being observed in four dimensions: innovativeness, proactiveness, diversification, and competitiveness. This study confirmed the existing indications in the literature that family firms demonstrated higher levels of entrepreneurship, which may suggest their greater potential in pursuing sustainable development. The novelty of this research lies in its multidimensional approach, which offers a comprehensive analysis that integrates eight dimensions of entrepreneurship. This allowed for a deeper understanding of entrepreneurial behaviors and attitudes when highlighting the unique characteristics of family and non-family firms. The findings are particularly relevant for the owners and managers of family and non-family businesses; they provide tools for diagnosing entrepreneurship levels in a more comprehensive manner and applying tailored management practices for addressing areas that require improvement. One limitation of this study is its focus on a single sector; this may have affected the generalizability of the results. Future research could explore governance and ownership structures when analyzing entrepreneurial dimensions-particularly in the context of family firms.
Este estudo examinou como os princípios do empreendedorismo podem promover um comportamento intraempreendedor no setor público, analisando o impacto dessas práticas na inovação e eficiência das organizações públicas. O objetivo principal foi investigar de que maneira os ideais empreendedores podem ser integrados no ambiente público para melhorar a qualidade dos serviços prestados à população. Os resultados indicam que o intraempreendedorismo pode transformar o setor público ao incentivar uma mentalidade mais inovadora e proativa entre os funcionários. A adoção de práticas empreendedoras dentro das organizações públicas pode levar à reavaliação e aprimoramento dos processos e serviços, resultando em maior eficiência e eficácia na gestão pública. O estudo revela que a criação de uma cultura de inovação, onde a criatividade e a iniciativa são valorizadas, pode ajudar a superar a rigidez burocrática e aumentar o engajamento dos funcionários. Finalmente, a aplicação de métodos empreendedores pode também melhorar a percepção pública sobre a administração, fortalecendo a confiança e o apoio da comunidade às iniciativas governamentais. Em resumo, o intraempreendedorismo oferece um caminho promissor para a melhoria contínua e a inovação no setor público.
Este estudo examinou como os princípios do empreendedorismo podem promover um comportamento intraempreendedor no setor público, analisando o impacto dessas práticas na inovação e eficiência das organizações públicas. O objetivo principal foi investigar de que maneira os ideais empreendedores podem ser integrados no ambiente público para melhorar a qualidade dos serviços prestados à população. Os resultados indicam que o intraempreendedorismo pode transformar o setor público ao incentivar uma mentalidade mais inovadora e proativa entre os funcionários. A adoção de práticas empreendedoras dentro das organizações públicas pode levar à reavaliação e aprimoramento dos processos e serviços, resultando em maior eficiência e eficácia na gestão pública. O estudo revela que a criação de uma cultura de inovação, onde a criatividade e a iniciativa são valorizadas, pode ajudar a superar a rigidez burocrática e aumentar o engajamento dos funcionários. Finalmente, a aplicação de métodos empreendedores pode também melhorar a percepção pública sobre a administração, fortalecendo a confiança e o apoio da comunidade às iniciativas governamentais. Em resumo, o intraempreendedorismo oferece um caminho promissor para a melhoria contínua e a inovação no setor público.
Developing world markets are increasingly open and standardized, aligning agricultural food products with international tastes and requirements for quality, packaging, safety, and social or environmental characteristics. Large companies now dominate sales channels, demanding high performance from their value chains. This shift towards industrialized agricultural systems in developing countries presents challenges for small and medium-sized farmers, who struggle with market access and competitiveness. Traditional standards often fall short, impacting profitability and sustainability. This review explores agritourism as a strategy to bolster agricultural economic development. It highlights challenges faced by agritourism operators, development drivers, and the nature of agritourism activities that enhance agricultural viability. Recommendations include improving workforce quality, ensuring credit availability, managing agritourism development, connecting stakeholders, and minimizing societal impacts through innovation, promoting sustainable agritourism.
Entrepreneurial competency, encompassing a range of skills, knowledge, and attitudes, is increasingly recognized as a critical factor in addressing youth unemployment and promoting sustainable development. This paper explores the impact of entrepreneurial competency on educated youths, focusing on its potential to empower them economically and socially, thereby contributing to broader societal progress. The study examines the relationship between entrepreneurial skills among educated youths and key indicators of sustainable development, such as economic growth, social inclusion, and environmental sustainability. Educated youths often face significant challenges in securing employment, even when they possess formal qualifications. The mismatch between academic training and the skills required in the labor market leaves many young people underemployed or unemployed, leading to a waste of potential and increased social and economic disparities. This study posits that enhancing entrepreneurial competencies can provide a viable solution to this issue, enabling youths to create their own employment opportunities and contribute to economic development. Entrepreneurial competency equips young people with the ability to identify opportunities, innovate, and manage business ventures successfully, leading to job creation and economic self-sufficiency. The social and environmental benefits of youth entrepreneurship. Beyond economic gains, entrepreneurial ventures often address local needs, fostering community development and enhancing social inclusion. Educated youths who start businesses are likely to be more engaged in civic activities, contributing to the social fabric of their communities. Additionally, as sustainability becomes an increasingly important aspect of business, many young entrepreneurs are adopting eco-friendly practices, thereby contributing to environmental conservation and sustainable resource management. Several barriers hinder the development of entrepreneurial competencies among educated youths. These include an education system that prioritizes theoretical knowledge over practical skills, limited access to financial resources, and cultural attitudes that may discourage entrepreneurship. The paper argues for a comprehensive approach to overcoming these barriers, including reforming educational curricula to incorporate entrepreneurship training, improving access to financial and mentoring resources, and fostering a cultural shift that values and supports entrepreneurial endeavors. Entrepreneurial competency is a powerful tool for empowering educated youths and driving sustainable development. By addressing the challenges that hinder youth entrepreneurship and providing the necessary support, societies can harness the potential of educated youths to foster innovation, create jobs, and contribute to sustainable and inclusive economic growth.
The COVID-19 pandemic has had a profound impact on small businesses, significantly influencing entrepreneurial aspirations and presenting numerous challenges. This calls for additional research into perceptions, intentions, and the challenges faced in this context. This study aims to explore the comprehension of key entrepreneurial concepts among business students in the post-pandemic era. The paper presents an empirical study which employs qualitative in-depth interviews with 34 undergraduate business students from one public university in the Midwest of the United States. The findings reveal a complex view of entrepreneurship that extends beyond traditional business creation, encompassing elements of social innovation and personal fulfillment. Students displayed a generally positive attitude towards entrepreneurship, influenced strongly by their involvement in practical entrepreneurship-related activities and their familial backgrounds. However, they also identified significant barriers, including financial constraints, fear of failure, and a lack of practical experience, which hinder their intentions to pursue entrepreneurial ventures. The study underscores the importance of entrepreneurship education programs incorporating more comprehensive practical experiences, enhancing financial literacy, and providing psychological support to overcome these challenges. These insights contribute to the ongoing discussion on how to effectively support and prepare aspiring entrepreneurs in a changing educational landscape.
The article’s main aim is to assess the impact of economic security on sustainable entrepreneurship in Central and Eastern European Countries (CEECs), including Bulgaria, Croatia, Czechia, Estonia, Hungary, Lithuania, Latvia, Poland, Romania, Slovakia and Slovenia from 2008 to 2020. The paper’s novelty is the development of indicators of sustainable entrepreneurship and its three pillars: economic, social and environmental. Moreover, we assessed the impact of economic security on sustainable entrepreneurship and conducted a comparative analysis of its consequences on the economic, social and environmental components of entrepreneurship. We use the Pearson correlation coefficient, the Ordinary Least Square Method, and the SUR estimations for structural equations. The results of the analysis indicate that sustainable entrepreneurship and economic security in the analysed countries are growing. However, their dynamics are varied, and what is more, economic security has a statistically significant impact on sustainable entrepreneurship. The impact of economic security on sustainable entrepreneurship from 2008 to 2020 is highest in Slovakia, Bulgaria and Poland. The lowest is in Latvia, Romania and Czechia. We notice that pursuing a stable and responsible macroeconomic policy affects the implementation of sustainable development goals. It is important to create the best conditions for growth in the long term, which is a challenge because of the problem of finding optimal relationships between factors that determine economic security.
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